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Ghana government will issue a new fiscal regime for mining sector soon

Ghana government will issue a new fiscal regime for mining sector soon

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Ghana government will soon introduce a new fiscal regime for the mining sector to ensure Ghana derives maximum benefit from the extraction of her mineral resources.

The paradigm shift in the thinking behind the utilisation of Ghana’s mineral resources would seek to ensure value addition to the minerals mined in Ghana instead of the current system of raw exports, and would also seek to leverage on such minerals to secure holistic national development.

Such thinking has already began to reflect in the Nana Akufo-Addo government’s approach to development with the recent passage by Parliament of a Master Project Facility Agreement that seeks to leverage a fraction of our bauxite deposits in a barter arrangement for infrastructure development worth $2 billion after the Vice President’s business visit to the People’s Republic of China in June last year.

Vice President Dr Mahamudu Bawumia gave an insight into the Akufo-Addo government’s approach to national development when he addressed the chiefs and people of the Essikado Traditional Area in the Western region at the climax of this year’s Kuntum Festival on Saturday 4th August, 2018.

“We have not really benefited from the extraction of our natural resources, and it is for this reason that we need especially in the area of our minerals, to bring a new paradigm, a new thinking into how as a country we can benefit more from our mineral resources,” the Vice President noted.

A new fiscal regime similar to the one prevailing in the oil sector would soon be introduced in the mining sector.

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